First-quarter operating income was $1.7 billion, operating income margins were 21.9 percent and net income was $1.2 billion. The company converted 66 percent of net income to free cash flow in the first quarter, which was in line with traditional seasonal patterns.

3M paid $566 million in cash dividends to shareholders and repurchased $1.7 billion of its own shares during the quarter.

Organic local-currency sales growth was 6.2 percent in Health Care, 4.9 percent in Industrial, 4.6 percent in Safety and Graphics, 4.1 percent in Electronics and Energy and 2.6 percent in Consumer. On a geographic basis, organic local-currency sales grew 6.9 percent in Asia Pacific, 6.8 percent in Latin America/Canada, 3.7 percent in EMEA (Europe, Middle East and Africa) and 2.6 percent in the U.S.

'This was a solid quarter for 3M,' said Inge G. Thulin, 3M's chairman, president and chief executive officer. 'Our teams delivered positive organic growth in all business groups and geographic areas, we posted strong margins across the portfolio and we returned a record amount of cash to shareholders. At the same time we increased investments in R&D and commercialization to help secure future growth in the business. 3M is well-positioned to generate sustainable, profitable growth far into the future.'
3M maintained its full-year earnings expectation of $7.30 to $7.55 per share with organic local-currency sales growth of 3 to 6 percent. Foreign currency is expected to reduce sales by approximately 1 percent for the year versus a previous expectation of neutral to minus 1 percent.

3M will conduct an investor teleconference at 9:00 a.m. EDT (8:00 a.m. CDT) today. Investors can access this conference via the following:
Live webcast at http://investor.3M.com.

Live telephone:
Call 800-762-2596 within the U.S. or +1 212-231-2916 outside the U.S. Please join the call at least 10 minutes before the start time.

Webcast replay:
Go to 3M's Investor Relations website at http://investor.3M.com and click on 'Quarterly Earnings.'
Telephone replay:
Call 800-633-8284 (for both U.S. and outside the U.S.; access code is 21682152).The telephone replay will be available until 10:00 a.m. CDT on April 29, 2014.

Forward-Looking Statements
This news release contains forward-looking information about 3M's financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as 'anticipate,' 'estimate, 'expect,' 'project,' 'intend,' 'plan,' 'believe,' 'will,' 'target,' 'forecast' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic and capital markets conditions and other factors beyond the Company's control, including natural and other disasters affecting the operations of the Company or its customers and suppliers; (2) the Company's credit ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; and (10) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Annual Report under 'Cautionary Note Concerning Factors That May Affect Future Results' and 'Risk Factors' in Part I, Items 1 and 1A. The information contained in this presentation is as of the date indicated. The Company assumes no obligation to update any forward-looking statements contained in this presentation as a result of new information or future events or developments.

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